by Aluminum casting involves smelting of aluminum and pouring it into molds to manufacture complex metal parts for applications across industries such as automotive, aerospace, industrial machinery and construction. Adoption of aluminum castings has increased owing to their lightweight, corrosion resistance, durability and ability to withstand high temperatures.
The global Aluminum Casting Market is estimated to be valued at US$ 75.61 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in casting processes have propelled the demand for aluminum castings. Owing to complex design requirements from end-use industries, casting processes have evolved with development of new techniques like low pressure die casting (LPDC) and rheocasting. LPDC technique uses lower gas pressure during pouring molten aluminum into dies and produces complex metal parts with close dimensional tolerances in high volumes. Rheocasting method allows for modifying mechanical properties of casted parts by controlling solidification conditions. Adoption of such improved casting techniques has enhanced productivity while reducing rejection rates in aluminum casting manufacturing. This has fueled increased preference for aluminum castings among automotive and machinery OEMs.
SWOT Analysis
Strength: Aluminum casting has high strength to weight ratio and is corrosion resistant. It also offers flexibility in design and shapes.
Weakness: Aluminum casting is relatively expensive than other alternatives like steel. Casting defects can also occur during the manufacturing process.
Opportunity: Increasing application of aluminum casting in automotive and aerospace industry due to benefits of lightweight properties is an opportunity. Growing demand for electric vehicles also provides scope for aluminum casting.
Threats: Volatility in aluminum prices affects the cost of aluminum casting. Stringent regulations regarding emissions can impact market growth.
Key Takeaways
The Global Aluminum Casting Market Size is expected to witness high growth. The market size for aluminum casting was valued at US$ 75.61 Bn in 2024 and is projected to reach US$ 110.26 Bn by 2030, expanding at a CAGR of 6.0% during the forecast period.
Regional analysis shows that Asia Pacific dominates the global market with China being the largest producer of aluminum castings. Increasing automobile production in China and India is driving the APAC market. North America is the second largest market for aluminum casting owing to strong presence of key automotive manufacturers in the region.
Key players operating in the aluminum casting market are Alcoa Corporation, Ryobi Limited, Alcast Company, Consolidated Metco Inc., Dynacast International Inc., and Leggett & Platt Incorporated. These players are focusing on new product launches, partnerships, and expansions to strengthen their market presence. For instance, in 2022, Alcoa Corporation launched a high-strength, lightweight casting for electric vehicles to cut vehicle weight by up to 30%.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
